Key Information Pack. The AA ISA is provided by Family Investments. Money in this AA ISA is deposited with Bank of Ireland UK.

Transcription

1 Key Information Pack The AA ISA is provided by Family Investments. Money in this AA ISA is deposited with Bank of Ireland UK. 1

2 Key Features of the AA ISA The Financial Conduct Authority is a financial services regulator. It requires us, Family Investments, to give you this important information to help you decide whether an AA ISA is right for you. You should read this document carefully so that you understand what you are buying, and then keep it safe for future reference. Please read these Key Features with the Terms and Conditions, which contain more detailed information about how an AA ISA, and the products you can hold within it, will work. You should also read the relevant Product Factsheet carefully and keep this safe for the product(s) that you select to open within your AA ISA, as they contain important information including the interest rates available and any restrictions on withdrawals. The AA ISA is provided by Family Investments and your money will be deposited with Bank of Ireland UK. Any references to we, us or our in these Key Features means Family Investments. What is the AA ISA? The AA ISA is a cash ISA that allows you to split your cash ISA savings into a selection of variable and fixed rate products. You will only have one AA ISA with us, but can hold multiple products within it. The maximum you can save this tax year is 15,240 (subject to any stocks and shares ISA contributions). On opening an AA ISA, you will automatically have a Holding Account set up for you. The Holding Account is a product held within your AA ISA which is intended to help you manage your cash ISA savings. For example, you can use it to consolidate your cash ISA savings before opening a specific product, or use it to split funds transferred in from an existing ISA provider into multiple products within your account. Please note, the products and rates of interest on offer can be changed or withdrawn at any time. If you are using the Holding Account to consolidate or split your cash ISA savings before opening a specific product, there is a risk that the product or rate of interest you wanted will no longer be available by the time any funds are received. Before making a decision to transfer to us, you should check if your current provider will charge a fee. The table below is an example of how you could potentially split the value of your AA ISA into a selection of products within it, if you made a deposit of 15,240. AA ISA example Easy Access 1,000 1 Year Fixed Rate 4,000 2 Year Fixed Rate 10,240 Holding Account 0 Once your AA ISA is open, you will be able to open additional products and move money between existing products already held in your account, without completing further applications. For each available product, important product specific information is summarised in a Product Factsheet. This should be read carefully before making any decision to open additional products. 2

3 Key Product Information for the AA ISA Account Name Interest rates (AERs) AA ISA The AA ISA allows you to split your cash ISA savings into a selection of variable and fixed rate products, all held within your online account. Each product will have a Product Factsheet, which details the interest rate you will receive and when interest will be paid. Current interest rates can be found online or in the relevant Product Factsheets. For more information on interest, please see pages 21 and 22 of the Terms and Conditions. Tax status Conditions for bonus payment Withdrawal arrangements Tax-free* N/A (for further information about interest, please refer to the individual Product Factsheets). The minimum amount you can withdraw from any product is 10, or the value of that product, whichever is less. All withdrawal payments will be sent to your nominated account (i.e. the bank or building society account you have previously nominated). Easy Access products may have restrictions on the number of withdrawals you can make during each tax year. Withdrawals are not permitted during the fixed term of Fixed Rate products. If you need to access the money in a Fixed Rate product during the fixed term, you will need to close the product (or transfer out or close your entire AA ISA) and a breakage charge may be applied. The Product Factsheet will contain information on any restrictions that you need to be aware of. If you request to close a product, the payment can either be sent to your Holding Account, where the funds can be reinvested into other products within your AA ISA, or you can have the payment sent to your nominated account. Any payment you request to have paid to your nominated account will no longer benefit from the tax advantages of ISAs. If you have paid into your AA ISA in the same tax year you close it, you won t be able to pay money into another cash ISA in that tax year. For more information on charges for closing a Fixed Rate product within its fixed term, please see the Charges and taxes section on page 21 of the Terms and Conditions. You can find more information about nominated accounts on page 16, and further information about withdrawals and closures on pages 23 to 25 of the Terms and Conditions. Access Access: The AA ISA can only be accessed and managed online. Once you access your account, you will be able to open additional products (when available), move money between existing products (providing this is an option within the Product Factsheets) and request withdrawals. You ll be able to contact us by sending us a secure message from your online account. Please note, you will not be able to access or manage your AA ISA by telephone or post. For more information on paying money in see pages 17 to 21. You can also find more information about withdrawals on pages 23 to 25 of the Terms and Conditions. * Tax-free means the interest paid will be free from UK Income Tax and Capital Gains Tax. The tax advantages of the AA ISA depend on your individual circumstances and the tax treatment may change in the future. 3

4 Questions and Answers Your key questions answered What is an ISA? Is the AA ISA right for me? Who can open the AA ISA? ISA stands for Individual Savings Account. ISAs were launched by the Government to give people a tax-efficient way to save for the future. There are two types of ISA; cash ISAs (which can have a variable or a fixed rate of interest) and stocks and shares ISAs. You can invest up to 15,240 between a cash ISA and a stocks and shares ISA this tax year (that s from 6th April to 5th April). For example, if you invest 9,240 in a cash ISA with one provider, you can invest the remaining 6,000 ISA allowance in a stocks and shares ISA with the same or another provider. You can only invest in one cash ISA and one stocks and shares ISA in each tax year. The AA ISA could be right for you if you are a UK taxpayer, aged 16 or over who would like to manage your cash ISA savings through an online account. All withdrawal payments that you request to have sent to you will be paid to your nominated account, so you must be comfortable with receiving payments by this method. The products and rates of interest on offer can be changed or withdrawn at any time. This could limit the amount of choice you have when managing your cash ISA savings until new products or rates of interest become available. Individual products may also have restrictions on withdrawals, so you should carefully read the information contained in the Product Factsheet before making any decision to open additional products within your account. Please remember the tax advantages depend on your individual circumstances and the tax treatment of ISAs may change in the future. Neither we, nor the AA, provide advice. If you have any doubts about the suitability of this account, you should seek independent financial advice. To open an AA ISA you must be 16 or over and a UK resident for tax purposes. You will also need to nominate a UK personal bank or building society account which is in your name (sole or joint). You can only pay into one cash ISA with one provider each tax year. If you have already paid into a cash ISA this tax year, you can still open the AA ISA by transferring another ISA you hold to us. However, unless you transfer your current year s cash ISA to us, you will not be able to make payments into your AA ISA. Before making a decision to transfer to us you should check if your current provider will charge a fee. ISAs cannot be applied for in joint names. Please see page 15 of the Terms and Conditions for more information on eligibility. Is the AA ISA a stakeholder ISA? No, the AA ISA is not a stakeholder ISA. 4

5 Your key questions answered How can I open the AA ISA? What happens after I apply? When will my AA ISA open? You can open an AA ISA with either a deposit or a transfer of an existing ISA by completing an application online. Your initial payment must meet any minimum or maximum payment amount for the product you ve selected to open within your AA ISA. This will be detailed in the Product Factsheet. If you are opening your AA ISA with a deposit, you can make this by: a debit card payment online; or, posting us a cheque. You can only make your initial deposit by debit card if we re able to verify your identity electronically, which will be confirmed during the application process. Additionally, if you are under the age of 18 when applying or you are applying with a Power of Attorney, any initial deposit will need to be made by cheque. Before making a decision to transfer to us you should check if your current provider will charge a fee. Within 24 hours of applying for your AA ISA, you ll receive an from us confirming that you can access your details online, including your secure messages. There may be circumstances where we need further information or proof of your identity before we can accept your application. If this happens we will send you an additional asking you to check your secure messages, which will confirm what information we need before we can proceed with your application. We will open your AA ISA when we accept your application and either: we receive and accept your deposit; or, we request the transfer value for your existing ISA; whichever is earlier. There may be delays in opening your AA ISA because we need to ask you for more information or proof of your identity. If this happens, we will let you know. No interest will be paid until your AA ISA is open. If we are unable to open your AA ISA within 30 days of receiving your application, any deposit you have made will be returned without interest. See pages 15 and 16 of the Terms and Conditions for more information on proof of identity and accepting your application. Can I pay money into my AA ISA once it is open? Yes, you will be able to pay more money in to your AA ISA once it is open. If you do not make a deposit into your AA ISA during a full tax year (or an ISA transfer containing current year s deposits), you will need to contact us before you can make deposits or transfers in subsequent tax years. You can make payments by accessing your account online. Payments can be made into new products (when available) or into existing products held in your AA ISA (that accept additional payments), including your Holding Account. For more information about making payments, please see pages 17 to 21 of the Terms and Conditions. 5

6 Your key questions answered How do I open additional products? Once your AA ISA is open, you can open additional products by accessing your account online. If you ask to open an additional product, your initial payment must meet any minimum or maximum payment amounts, which will be detailed in the Product Factsheet of the product you ve selected to open. You can open an additional product by: making a deposit by a debit card payment online or sending us a cheque; or, requesting to transfer in funds from an existing ISA you hold; or, moving money from an existing product already held within your AA ISA, including from your Holding Account. The maximum deposit you can make for the current tax year is 15,240, although this amount will be reduced if you have already made deposits into your AA ISA or are making payments into a stocks and shares ISA. Some products have restrictions on moving money from one product to another, which will be detailed in the Product Factsheets. Before making a decision to transfer to us, you should check if your current provider will charge a fee. For more information about making payments to open an additional product, please see pages 17 to 21 of the Terms and Conditions. How do I make additional payments into an existing product? You can make additional payments into an existing product you ve already opened within your AA ISA by accessing your account online. You will only be able to pay into an existing product if additional payments are permitted, which will be detailed in its Product Factsheet. Additional payments can be made with one-off deposits of 10 or more by making a debit card payment online, or from 1 if you send a cheque directly to us. The maximum deposit you can make is 15,240 for this tax year (subject to any deposits you ve already made into your AA ISA and any stocks and shares ISA contributions). Payments can also be made from 1 by moving money from another product already held within your AA ISA, providing there are no restrictions within the Product Factsheet. Alternatively, you can also make a payment by requesting to transfer an existing ISA you already hold. Before making a decision to transfer to us, you should check if your current provider will charge a fee. For more information about when your payment will start to earn interest in your existing product, please see pages 21 and 22 of the Terms and Conditions. 6

7 Your key questions answered How will I know how much my savings are worth? Are there any charges? Can I cancel my AA ISA? Every year, we will provide you with a statement showing the balance of your AA ISA and the individual products held within it as of 5th April. You can also access your account online at any time for a valuation or to create a new statement. If you need any other information about your AA ISA or the products held in your account you can request this by sending us a secure message. We do not charge to set up the AA ISA or to process standard services (as described in the AA ISA Terms and Conditions). Fixed Rate products may have a breakage charge associated with closing the product during its fixed term. If a breakage charge is applicable, it will be detailed in the Product Factsheet. Charges may change in the future. Please see page 21 of the Terms and Conditions for more detail about charges and changes to charges. Yes, you have 14 days from the date your AA ISA opens to cancel your account. You can let us know you d like to cancel by sending us a secure message. If you decide to cancel, your AA ISA and any products you ve opened within it will be closed and you will receive a full refund of any deposits you ve made plus tax-free interest. Any returned deposits will not be regarded as having been paid into the ISA, and so will not count towards your ISA allowance for the current tax year. If you do not cancel within the 14-day cancellation period, and request to close your AA ISA after this date, your money will no longer benefit from the tax advantages of ISAs. If you ve paid in to your AA ISA in the same tax year that you close it, you won t be able to pay money into another cash ISA in the same tax year. Please see page 17 of the Terms and Conditions for more information about cancellation, including information on what happens if you cancel and you have requested a transfer. 7

8 Your key questions answered Can I cancel individual products held in my AA ISA? Can I transfer my AA ISA? You cannot cancel individual products that you ve selected to open within your AA ISA. This means that unless you cancel your entire AA ISA within the 14-day cancellation period, any deposits you ve made into your product(s) will count towards your annual ISA allowance. Although you can t cancel individual products, you can request to close any product held within your AA ISA at any time. Some products will also allow you to take partial withdrawals from them. You can request a withdrawal or to close a product by logging into your account online. Any associated withdrawal restrictions or breakage charges will apply. You can find information about these within the Product Factsheets. If you request to close a product, you can have the money paid either to your nominated account or to the Holding Account of your AA ISA. If you ve requested to have the money paid to your nominated account, the money will lose its tax advantage; however, if the money is paid to your Holding Account you can reinvest these funds into other products within your AA ISA and it will retain its tax advantages. Please note, if a Fixed Rate product you ve selected to open has a breakage charge associated with closing the product during its fixed term, this will be waived providing your request to close is made within 14 days of the product opening. If this is an option for the product, it will be stated in its Product Factsheet. Yes. You can transfer your AA ISA in full to either another cash ISA or a stocks and shares ISA. Partial transfers are not permitted, and you will not be able to transfer out individual products held within your AA ISA. If you decide to transfer your AA ISA and you have a Fixed Rate product which is within its fixed term, a breakage charge will be applied. Any breakage charge applied will be the charge detailed in the Product Factsheet. 8

9 Other Information Complaints If you need to make a complaint, please contact us and we will do everything we can to resolve your complaint as quickly as possible, but please allow up to 5 working days for a reply. If you want to make a complaint you can do so by logging into your account and sending us a secure message. Complaints can also be made by writing to AA Savings, PO Box 5417, Brighton BN50 8HP. Alternatively, you can speak to a member of our Customer Services Team by calling *. When we first contact you about your complaint, we will send you a summary of the procedures that we will follow when resolving it. A copy of these procedures is also available on request. If you are not satisfied with the response to your complaint, you may be able to refer it to the Financial Ombudsman Service. Making a complaint won t affect your legal rights. You can contact the Financial Ombudsman Service by writing to: Financial Ombudsman Service, Exchange Tower, London, E14 9SR complaint.info@financial-ombudsman.org.uk For more information about how to make a complaint about a financial product or service, including information on your legal rights, please see the Money Advice Service leaflet Making a Complaint, which is available on their website or by calling their helpline on *Lines are open 9am to 7pm weekdays and 9am to 1pm Saturdays. Calls may be monitored and recorded for training purposes. Calls to 03 numbers cost the same as calling 01 and 02 numbers and count towards inclusive allowances on landlines and on mobiles. The actual cost will depend on your provider s tariff. For more information please contact your provider. 9

10 Deposit protection On pages 11 to 13, you will find a Deposit Information Sheet. This sets out details of how your money is protected with Bank of Ireland UK who is the deposit-taker for the AA ISA. If you make payments directly to us by cheque or by debit card, we will initially pay these into an account held with NatWest. We will then transfer this money to Bank of Ireland UK. This is also what happens if we receive a transfer cheque from another ISA provider. Please note that any money you hold in other accounts with NatWest will count towards compensation limits. You can find out more about how your money is protected when it s held in a bank or building society account by going to the What we cover section of the Financial Services Compensation Scheme (FSCS) website at For more information on how your money will be held, please see the Holding your money section on page 29 of the Terms and Conditions. 10

11 Deposit Information Sheet Basic Infor mation about the protection of your eligible deposits Eligible deposits in Bank of Ireland (UK) plc are protected by: Limit of protection: If you have more deposits at the same bank / building society / credit union: If you have a joint account with other person(s): the Financial Services Compensation Scheme ( FSCS ) 1 75,000 per depositor per bank / building society / credit union 2 The following trading names are part of your bank / building society / credit union: Bank of Ireland UK and Post Office Money and savings accounts under the AA Savings brand provided by Bank of Ireland UK All your eligible deposits at the same bank / building society / credit union are aggregated and the total is subject to the limit of 75,000 2 The limit of 75,000 applies to each depositor separately 3 Reimbursement period in case of bank, building society or credit unions failure: 20 working days 4 Currency of reimbursement: To contact Bank of Ireland (UK) plc for enquiries relating to your account: To contact the FSCS for further information on compensation: More information: Pound sterling (GBP, ), or, for branches of UK banks operating in other EEA Member States, the currency of that State. AA Savings Tel: Financial Services Compensation Scheme 10th Floor Beaufort House 15 St Botolph Street London EC3A 7QU Tel: or ICT@fscs.org.uk 11

12 1 Scheme responsible for the protection of your eligible deposit Your eligible deposit is covered by a statutory Deposit Guarantee Scheme. If insolvency of your bank, building society or credit union should occur, your eligible deposits would be repaid up to 75,000 by the Deposit Guarantee Scheme. 2 General limit of protection If a covered deposit is unavailable because a bank, building society or credit union is unable to meet its financial obligations, depositors are repaid by a Deposit Guarantee Scheme. This repayment covers at maximum 75,000 per bank, building society or credit union. This means that all eligible deposits at the same bank, building society or credit union are added up in order to determine the coverage level. If, for instance a depositor holds a savings account with 80,000 and a current account with 20,000, he or she will only be repaid 75,000. This method will also be applied if a bank, building society or credit union operates under different trading names. Bank of Ireland (UK) plc also trades under Bank of Ireland UK and Post Office Money and AA Savings. This means that all eligible deposits with one or more of these trading names are in total covered up to 75,000. In some cases eligible deposits which are categorised as temporary high balances are protected above 75,000 for six months after the amount has been credited or from the moment when such eligible deposits become legally transferable. These are eligible deposits connected with certain events including: (a) Certain transactions relating to the depositor s current or prospective only or main residence or dwelling; (b) A death, or the depositor s marriage or civil partnership, divorce, retirement, dismissal, redundancy or invalidity; (c) The payment to the depositor of insurance benefits or compensation for criminal injuries or wrongful conviction. More information can be obtained under 3 Limit of protection for joint accounts In case of joint accounts, the limit of 75,000 applies to each depositor. However, eligible deposits in an account to which two or more persons are entitled as members of a business partnership, association or grouping of a similar nature, without legal personality, are aggregated and treated as if made by a single depositor for the purpose of calculating the limit of 75, Reimbursement The responsible Deposit Guarantee Scheme is the Financial Services Compensation Scheme, 10th Floor Beaufort House, 15 St Botolph Street, London, EC3A 7QU, Tel: or , ICT@fscs.org.uk. It will repay your eligible deposits (up to 75,000) within 20 working days until 31 December 2018; within 15 working days from 1 January 2019 until 31 December 2020; within 10 working days from 1 January 2021 to 31 December 2023; and within 7 working days from 1 January 2024 onwards, save where specific exceptions apply. Where the FSCS cannot make the repayable amount available within 7 working days, it will, from 1 June 2016 until 31 December 2023, ensure that you have access to an appropriate amount of your covered deposits to cover the cost of living (in the case of a depositor which is an individual) or to cover necessary business expenses or operating costs (in the case of a depositor which is not an individual or a large company) within 5 working days of a request. Again, there are specific exceptions to this obligation. In the case of a depositor which is a large company, where the FSCS cannot make the repayable amount available within 7 working days, it will, from 3 July 2015 until 1 December 2016, ensure that you have access to your covered deposits within fifteen working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply. In the case of a depositor which is a small local authority, where the FSCS cannot make the repayable amount available within 7 working days, it will, from 3 July 2015 until 1 June 2016, ensure that you have access to your covered deposits within fifteen working days of a request containing sufficient information to enable it to make a payment, save where specific exceptions apply. If you have not been repaid within these deadlines, you should contact the Deposit Guarantee Scheme since the time to claim reimbursement may be barred after a certain time limit. Further information can be obtained under Other important information In general, all retail depositors and businesses are covered by Deposit Guarantee Schemes. Exceptions for certain deposits are stated on the website of the responsible Deposit Guarantee Scheme. Your bank, building society or credit union will also inform you of any exclusions from protection which may apply. If deposits are eligible, the bank, building society or credit union shall also confirm this on the statement of account. 12

13 Exclusions List A deposit is excluded from protection if: 1 The holder and any beneficial owner of the deposit have never been identified in accordance with money laundering requirements. For further information, contact your bank, building society or credit union. 2 The deposit arises out of transactions in connection with which there has been a criminal conviction for money laundering. 3 It is a deposit made by a depositor which is one of the following: credit institution financial institution investment firm insurance undertaking reinsurance undertaking collective investment undertaking pension or retirement fund 1 public authority, other than a small local authority. The following are deposits, categories of deposits or other instruments which will no longer be protected from 3 July 2015: deposits of a credit union to which the credit union itself is entitled deposits which can only be proven by a financial instrument 2 unless it is a savings product which is evidenced by a certificate of deposit made out to a named person and which exists in a Member State on 2 July 2014 deposits of a collective investment scheme which qualifies as a small company 3 deposits of an overseas financial services institution which qualifies as a small company 4 deposits of certain regulated firms (investment firms, insurance undertakings and reinsurance undertakings) which qualify as a small business or a small company 5 - refer to the FSCS for further information on this category. For further information about exclusions, refer to the FSCS website at 1 Deposits by personal pension schemes, stakeholder pension schemes and occupational pension schemes of micro, small and medium sized enterprises are not excluded 2 Listed in Section C of Annex 1 of Directive 2014/65/EU 3 Under Companies Act 1985 or Companies Act See footnote 3 5 See footnote 3 13

14 Terms and Conditions This section sets out the Terms and Conditions of the AA ISA provided by Family Investments. The Terms and Conditions, together with the Key Features and Product Factsheets, explain how your AA ISA and the products that you can hold within it will be managed, and sets out both your, and our, rights. Please make sure you read the Terms and Conditions, Key Features and any relevant Product Factsheets carefully and keep a copy safe for future use, as they contain important information you ll need to know. Definitions Access Unless otherwise stated, access or accessing means logging into your account through the website (see below). Account The AA ISA provided by Family Investments. Breakage charge A charge applied for closing a Fixed Rate product within its fixed term, including on transferring your AA ISA or if we have to void a deposit. The breakage charge will not be applied if a Fixed Rate product is closed within the first 14 days of the product being opened. Day Calendar days (also see Working Day below). Family Investments Family Equity Plan Limited and any nominee company within the Family group. FCA Financial Conduct Authority. The FCA is one of the two UK financial services regulators, working alongside the PRA. Holding Account A product held within your AA ISA which is automatically set up when you open your account. The Holding Account allows you to manage your cash ISA savings. HMRC HM Revenue & Customs. Responsible for setting the rules which relate to ISAs. Internal transfers A transfer from one ISA to another ISA, where both ISAs are provided by Family Investments. ISA Individual Savings Account. ISA manager A firm authorised by HMRC to provide and manage ISA investments. Nominated account A specified bank or building society account into which withdrawal payments can be made. PRA Prudential Regulation Authority. The PRA is one of the two UK financial services regulators, working alongside the FCA. Product The products provided by Family Investments, which are held within the AA ISA. Product Factsheet The document that contains detailed information about how each product will work, including information about interest and withdrawal arrangements. For new products these can be found on the AA website located at Once you have opened a product you can access the Product Factsheet in the My Documents section of your online account. Received/Receipt Unless otherwise stated, Received or Receipt means received by Family Investments. Regulations The Individual Savings Account Regulations 1998 (as replaced or amended from time to time). Rules The Financial Conduct Authority (FCA) or Prudential Regulation Authority (PRA) rules (as replaced or amended from time to time). Secure message The method of contact that will be used between you and us when communicating about your account. Secure messages can be viewed or sent by accessing your account online. Security details The combination of details that are used to access your account online. This includes your username, password and memorable questions and answers. Tax year A year beginning on 6th April in any year and ending on 5th April in the following year. Void Where an ISA, or payments into an ISA, have been found to be invalid because of a failure to meet the ISA regulations. We/us/our Family Equity Plan Limited (trading as Family Investments). Website/online The online area for you to manage your account, which can be accessed through the AA website located at or such other URL as may be designated from time to time for this purpose. Working Day Any day of the week not including Saturdays, Sundays and English public (bank) holidays. You/your The ISA holder. 14

15 Details of the firms involved ISA Manager: Family Equity Plan Limited (part of the Family Investments group of companies), West Street, Brighton, BN1 2RL. The main business of Family Equity Plan Limited is arranging investment business. Deposit-taker (the bank providing the deposit account): Money paid into the AA ISA is held by Family Investments and deposited with Bank of Ireland (UK) plc (Bank of Ireland UK). The interest rates described in this document (and other marketing communications), including any guarantees, are those provided by Bank of Ireland UK on these deposits. Their principal place of business is Bow Bells House, 1 Bread Street, London, EC4M 9BE. Introducer: AA Financial Services as an introducer of this product. Their principle place of business is Fanum House, Basing View, Basingstoke, Hampshire, RG21 4EA. Regulators: The Financial Conduct Authority (FCA), 25 The North Colonnade, Canary Wharf, London, E14 5HS (Tel: ). The Prudential Regulation Authority (PRA), 20 Moorgate, London, EC2R 6DA (Tel: ). Family Equity Plan Limited is authorised and regulated by the Financial Conduct Authority. Family Equity Plan Limited is entered on the Financial Services Register under registration number Bank of Ireland UK is authorised by the Prudential Regulation Authority and regulated by the Financial Conduct Authority and the Prudential Regulation Authority. Bank of Ireland UK is entered on the Financial Services Register under registration number The Financial Services Register can be viewed at Eligibility To open an AA ISA, you must be resident in the UK for tax purposes or, if not so resident, be performing duties as a Crown employee serving overseas and paid out of the public revenue of the UK, or be married to, or in a civil partnership with, such a person. If you stop being eligible under the above criteria, you must let us know. You must be aged 16 or over. You must have a UK personal bank or building society account that accepts direct credit payments (see page 16 for more information on nominated accounts). If you already have an AA ISA with us, you will not be able to open another one. We will let you know as soon as possible if the account has, or will, become void because of any failure to meet the Regulations that we are aware of. If you believe that you have broken the ISA Regulations (for example, by paying in to two cash ISAs), you must phone the HMRC Savings helpline on Proof of identity We will need to verify your identity before you can open an AA ISA, so we can comply with antimoney laundering legislation. Where you are 18 or over, this will normally involve an electronic check through a credit reference agency. The electronic check will not affect your credit history, but will leave a record of the search taking place. By applying for an AA ISA, you are agreeing for these checks to take place. If we are unable to verify you by these means, or you are under 18 at the time of application, you will need to send us proof of your identity before we are able to open your account. Additionally, if you are applying with a Power of Attorney, we will require that you send us proof of identity for both you and for the person you are applying for. If we do not receive the proof that we have asked for within 30 days of requesting it, we will not proceed with opening the AA ISA. Any deposits already made will be returned without interest within 4 working days of the end of the 30 day period. For fraud prevention and so that we can comply with anti-money laundering legislation, we may also ask for identification to be provided at other times. If we do not receive adequate identification when we ask for it, we may not be able to accept deposits. We may also withhold the proceeds of any withdrawal, transfer or account closure until adequate identification is provided. If you provide false or inaccurate information at any time and fraud is identified, details can be passed to fraud prevention agencies. We and other organisations may access and use this information to prevent fraud and money laundering. 15

16 Nominated accounts When applying for an AA ISA, you must set up a nominated account, which will be used to send you payments (e.g. if you request to have a withdrawal sent to you from a product). The account you nominate needs to be a UK personal bank or building society account in your name (sole or joint). We will send all payments to you by direct credit. If you are unsure whether the account you want to nominate will accept this type of payment, please check with your bank or building society before nominating the account. You can only have one nominated account set up on your AA ISA at any time. You should always keep your nominated account details up to date. You can update your details at any time by logging in to your account and sending us a secure message. For fraud prevention and to comply with antimoney laundering legislation, we will need to verify any nominated account details that you provide to us. This includes the details that you provide to us when you open your AA ISA, as well as any subsequent changes to your nominated accounts details. We will always attempt to do this electronically, but if we are unable to verify your details by these means, we will need you to send us proof of your nominated account by post. We will not process any cancellation requests, withdrawals or closures until any requested proof has been received. We only accept post on working days. Opening your AA ISA To open an AA ISA with us, you must complete an application through our website. You can open an AA ISA with either a deposit or by transferring another ISA you hold. You must specify the deposit or transfer you would like to use to open your account. You will also need to select a product to open within your AA ISA, which will be where your deposit or transfer will be applied. Your initial payment must meet any minimum or maximum payment amounts, which will be detailed in the Product Factsheet of the product you ve selected to open. You can only pay into one cash ISA with one ISA manager each tax year. If you have already paid into a cash ISA this tax year, you can still open an AA ISA by transferring another ISA you hold to us. However, unless you transfer your current year s cash ISA to us, you will not be able to make payments into your AA ISA. If you are opening an AA ISA with a deposit, this can normally be made by debit card or cheque. However, if we are unable to verify your identity electronically, or if you are applying with a Power of Attorney, your initial deposit will need to be made by cheque. This will be confirmed during the application process. Accepting your application Within 24 hours of applying for your AA ISA, you ll receive an from us confirming that you can access your details online, including your secure messages. We will accept your application on the date we receive it, unless we need further information (including paper transfer instruction forms) or proof of identity from you. If this is required before we can accept your application, we will send you a secure message detailing what you need to do. If this is not received within 30 days of us requesting it by secure message, we will not proceed with your application. Any deposits you have already made will be returned without interest within 4 working days of the end of the 30 day period. You will then have access to your application details and secure messages online for a further 30 days so that you can save any information that you want for future use. After this 30 day period has passed all access to your application details will need to be by post. Your AA ISA will be opened when your application has been accepted and the earlier of: the date we accept your deposit; or, the date we request the transfer value from your existing ISA manager. There may be other circumstances when we will be unable to accept your application. If this happens, we will let you know. 16

17 Cancelling your AA ISA If you would like to cancel, you can do so within 14 days from the date your AA ISA opened by sending us a secure message. We only process cancellation requests on working days. Any request received before 2pm on a working day will be processed on the same day. If we receive your request on or after 2pm on a working day, or we receive it on a non-working day, your request will be processed by the following working day. We will close your AA ISA, including any products that you ve opened within it, on the date we process your request. If you cancel, any returned deposit will not be regarded as having been paid into a cash ISA and will not count towards your ISA allowance for the tax year. If you cancel, and any transfer you have requested has already taken place, you will have the following options: we can send you the proceeds; if this includes deposits you have made in the current tax year, this means you should not pay into another cash ISA in this tax year you can transfer it back to the original ISA manager, if they choose to accept it you can transfer the proceeds to another cash ISA or stocks and shares ISA in the normal way (see page 23). You will be able to do this regardless of whether the proceeds include deposits you have made in the current tax year, providing you ask your new ISA manager to request the funds from us If it is not clear in your cancellation request which option you would like to take, we will process your cancellation once we have obtained this additional information from you. If you ve made deposits into your AA ISA, or you ask to have transfer proceeds sent to you, we will return these in full to your nominated account, together with any gross interest earned. These will be sent to you within 4 working days of your cancellation request being processed, or of the date any deposits have cleared, whichever is later (see the Making withdrawals, closing products and closing your AA ISA section on page 24 for more information on when deposits will have cleared). Your money will not earn interest after your cancellation request has been processed and your account has been closed. If your nominated account has already been verified, the proceeds will normally appear in your nominated account within 4 working days of the day we processed your cancellation request. If we have asked you to send us proof of your nominated account details, for fraud prevention and to comply with anti-money laundering legislation, we will only be able to process your request and send the payment to your nominated account once proof has been received. In this case, the 4 working days will start from the working day we receive proof of your nominated account. If you close your AA ISA after the 14-day cancellation period, your money will no longer benefit from the tax advantages of ISAs. You cannot cancel individual products that you have selected to open within your AA ISA. This means that unless you cancel your entire AA ISA within the 14-day cancellation period, any deposits you ve made into your product(s) will count towards your annual ISA allowance. More information on making withdrawals and closing products can be found in the Making withdrawals, closing products and closing your AA ISA section on pages 23 to 25. Making payments Once your AA ISA is open, you can make additional payments by accessing your account online and either selecting to open an additional product, or by requesting to make a payment into an existing product (including your Holding Account). If you are opening an additional product in your AA ISA you will need to meet any minimum or maximum payment amounts, which will be detailed in the Product Factsheet of the product you ve selected to open. You will only be able to request to make an additional payment into an existing product already held within your AA ISA if this is a permitted option within the Product Factsheet. Unless your products have restrictions on payment methods, which will be detailed in the Product Factsheet, you will be able to make payments by the following payment methods: deposit by debit card payment online or by sending us a cheque; or, moving money from an available existing product already held within your AA ISA, including from your Holding Account; or, requesting to transfer in funds from an existing ISA you hold. 17

18 Deposits You can make a deposit to open your AA ISA, or at any time after your AA ISA is open. However, if you haven t made a deposit into your AA ISA during a full tax year (or a transfer containing current year s deposits), you will need to contact us first before you can make any further deposits. Providing the product accepts additional payments, deposits can be made into existing products held within your AA ISA with debit card payments online of 10 or more, or by sending us a cheque for 1 or more. If you are making a deposit to open an additional product, you will need to meet any minimum or maximum payment amounts, which will be detailed in the Product Factsheet. Currently, you can pay in up to 15,240 in total to a cash ISA this tax year, but this limit will be reduced if you are also making payments into a stocks and shares ISA. If we receive a cheque from you that would take you over your ISA allowance, we will normally accept any amount up to your remaining allowance and return the amount that exceeds it to your nominated account. However, there may be circumstances where we are unable to accept any part of the deposit, in which case we will return your cheque directly to you. We do not accept post-dated cheques or cash payments. All deposits must be made with your own money. Accepting deposits The following table shows when your deposits will be accepted: Deposit type Debit card payment online Cheque by post Day accepted The day your payment is authorised The working day we receive and date stamp your cheque If you are making a deposit to open your AA ISA, we will not accept your deposit until we have all the information we need to accept your application. If you are making a deposit by cheque to open an additional product within your AA ISA, and we do not receive your cheque within 30 days of you requesting to open the product, your request will be cancelled. If we receive the cheque from you after we ve cancelled your request, we will not accept it and will instead return the cheque directly to you. The product or rates of interest on offer can be changed or withdrawn at any time, and if your request is cancelled, there is no guarantee that the same product or rates of interest will be available to you at a later date. We are only able to accept deposits by cheque if they contain enough information for us to identify your AA ISA and the product that the deposit should be applied to. If we are unable to do this, we will not accept the deposit and will instead return the cheque directly to you. Returning deposits Sometimes we have to return a deposit or part of a deposit. If we have already accepted a deposit and need to return it to you, the deposit will not be returned until it has cleared (see Making withdrawals, closing products and closing your AA ISA on pages 24 for more details). Once the deposit has cleared and is ready to be returned, it will normally take up to 4 working days to appear in your nominated account. If we are returning your deposit for one of the following reasons, we will return it to you without interest. We will do this if: you have not sent us all the information that we needed to accept your application; you send us a deposit by cheque and it contains insufficient information for us to identify your AA ISA or the product within it that you wanted the deposit applied to; by accepting your deposit, you d be exceeding your ISA allowance (we will usually accept any amount up to your ISA allowance and return any amount that exceeds it after it has cleared, although on some occasions we will need to return the entire deposit. Please remember that if you have paid money into a stocks and shares ISA in the same tax year, this will reduce the amount that you can pay into your AA ISA); we set a deadline for making deposits at the end of the tax year and we receive a deposit from you after that deadline, and: you ask us to return the deposit to you or we were unable to confirm with you whether you wanted us to accept your deposit in the next tax year; or, we have to return the deposit to you because the Regulations would not allow us to apply your deposit in the new tax year. 18

19 If you cancel your AA ISA within the 14-day cancellation period, we will send you your deposit back with any gross interest earned. If a deposit or deposits are voided due to a failure in meeting the ISA regulations, and you are entitled to any interest earned on those deposits, any interest paid may be taxable. This will also apply if we close your AA ISA for any of the reasons given in a) to e) in the Making withdrawals, closing products and closing your AA ISA section on page 25. End of the tax year At the end of the tax year, we may decide to accept post (including cheques and information from you) on non-working days. We may also decide to set one or more deadlines by which time all applications, information or deposits must be received by us. If we are unable to accept your application before the end of the tax year, you may not have enough time to apply and open another cash ISA during the same tax year. This could result in you losing any unused ISA allowance (e.g. if you ve applied with a deposit and are unable to open another cash ISA before the end of the tax year, any subsequent application and deposit will count towards the next tax year s ISA allowance). For more information on when we will accept your application, please see page 16 of the Terms and Conditions. If we set a deadline for accepting deposits at the end of the tax year, and we receive a cheque deposit from you before 6th April but after a deadline we ve set, we ll contact you to ask you whether you d like us to accept your deposit in the next tax year (where this is possible under the Regulations) or whether you d like the deposit returned. If we re able to accept your deposit in the following tax year, it will be accepted on the first working day of the new tax year. You will not receive any interest on your deposit until we accept the payment. If you would like to make an application at the end of the tax year and you would like information about the annual deadlines, please check the AA website. If you ve already opened your AA ISA and would like more information about deadlines for making deposits, you can request this information by sending us a secure message. 19 Moving money between products Once your AA ISA is open, you can request to move money between products held within your account. You can only move money between products in your AA ISA if this is an option within the Product Factsheets of the products you re requesting to move money between. If you re moving money between existing products already held within your AA ISA, you can do this with values of 1 or more. If you are using a money movement to open an additional product, you will need to meet any minimum or maximum payment amounts, which will be detailed in the Product Factsheet. If you request to move money between products before 9pm, your request will be processed on the same day. If we receive your request on or after 9pm, your request will be processed on the following day. Please note, if you make a debit card payment online, you will not be able to move money until 3 working days from the date your debit card payment was authorised. The money will be withdrawn from your existing product and applied to the product you ve selected to move the money to on the day we process your request and/or all relevant transactions have completed, whichever is later. Transactions include ISA transfers, moving money between products and withdrawals. Although your money will stay within your AA ISA, if you ask to move money from a product this will be treated as a withdrawal in terms of any withdrawal restrictions. For more information on withdrawals, please see the Making withdrawals, closing products and closing your AA ISA section on pages 23 to 25. Transfers in You can request to transfer all or part of an existing ISA you hold to open your AA ISA, or at any time after your AA ISA is open. Providing the product accepts additional payments (as detailed in the Product Factsheet), you can request to transfer an ISA into an existing product held within your account with values of 1 or more. If you are using a transfer to open an additional product, you will need to meet any minimum or maximum payment amounts, which will be detailed in the Product Factsheet. If you haven t made a deposit into your AA ISA during a full tax year (or a transfer containing current year s deposits), you will need to contact us before you can make any further transfer requests.